Real Estate Information Archive

Home Selling 101: Capital Gains

For those who sold their home this year, it's important to understand how selling your home may impact your tax returns, now that tax season is upon us.  The following information explains how capital gains work for those who have recently sold a home.

If you sell your primary residence, you may be able to exclude up to $250,000 of gain – $500,000 for married couples – from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale.

There are a few catches: You also must not have excluded gain on another home sold during the two years before the current sale. However, special rules apply for members of the armed, uniformed and foreign services and their families in calculating the 5-year period.

If you do not meet the ownership and use tests, you may use a reduced maximum exclusion amount. But only if you sold your home due to health, a change in place of employment, or unforeseen circumstances.

An extra perk? If you can exclude all the gain from the sale of your home, you do not report it on your federal tax return. If you cannot exclude all the gain, or you choose not to, you must use Schedule D of Form 1040, Capital Gains or Losses, to report the total gain and claim the exclusion you qualify for.

How about for those with more than one home?

You can exclude the gain only from the sale of your main residence. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most often.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

October Pod Cast Is Up!

This month's edition covers Greater Wichita Falls real estate market activity and then and we'll discuss the latest staging tips for buying or selling in this upcoming fall market. Features special guest Terri Murphy of US Learning. Check out www.TheFallsPodCast.com.

Now Is The Time

Rates have NEVER been this low, and inventory has never been this high. Don't let this opportunity pass you by.

http://www.texomahomesource.com/properties - See our listings!

www.TheFallsHomeFinder.com - Every home for sale.

www.LuxuryHomesWF.com - Daily updates on the luxury market.

www.TexasBankOwned.com - Looking to invest? Start here.

Thinking of Selling?

We all want to know what our home is worth in today's economy. See www.TexomaHomeValue.com. Within 24 hours we will get you an updated market analysis for your area.

Make it a great week, and let us know how we may serve you or anyone you may know.

Thinking About Investing for College?

It is no secret that college cost are only going one way...up! I can show you how $7,000 invested today in a rent house, can turn into $109,000 15 years from now. I'm currently building a portfolio to ease the burden of college expenses when my children leave for school, and I can help you do this too. Of course it all starts at www.TheFallsHomeFinder.com. Start looking around at the available homes on the market, and when you are ready - we will be there to serve you.

Listen the the Wichita Falls Market Update

www.TheFallsPodCast.com. This month's edition covers Greater Wichita Falls real estate market activity and then we'll talk about the top transaction strategies for fall 2011.

Supply and Demand

Our inventory of homes is high and we need more buyers! The buyers that we do have our loving this buying opportunity. Interest rates have never been this low, so it is a great time to capitalize on the market's affordability. Check out www.ImAhappyBuyer.com.

Good Monday morning to you!

What In The World Is Going On?

I don't have the answers for what's going on in the world, but I can help you better understand the local market. For three years we have called the market we are in a "price war and a beauty contest." The truth endures.

Our prices have also remained fairly stable. If you purchased a home for $200,000 five years ago, chances are we can sell it for that today. And this is GREAT news when compared to the rest of country.

For more information on our market, please tune into our show on Time Warner, Channel 15 (Monday, Thursday, Saturday). You can also listen to www.TheFallsPodCast.com.

I'm Ready to Buy!

If you are ready to buy today, you must check out www.TheFallsHomeFinder.com. See why over 3,000 local buyers have made this their main site for buying in our local market. Here you will fine GoogleEarth aerial images, virtual tours, and you can create your very own favorites list. Click the request a showing button, and we will meet you there at the time that works for you!

Reputation for Results

In this market, you need a professional. One who knows the market, and how to maneuver through it. If you are looking to buy or sell in the near future, please see www.SeeWhatTheyAreSaying.com. We look forward to working with you one day!

"The chief cause of failure and unhappiness is trading what you want most for what you want right now". Zig Ziglar

Good Monday morning to you!

Financing Report
Many people have heard that finding financing for their next purchase is very difficult.
While the paperwork may be hefty, I have found that over 85% of the people I have worked with
this year do, indeed, qualify for financing of some sort. With rates at historical lows, there may never
be a better time to borrow money to purchase real estate. I work with many investors, and they are making
up a large part of the buying market. Always follow investors, they know when they see value.

Looking to Sell Your Home?
www.TexomaHomeValue.com was created to help those looking into selling their home gauge where the marketmay respond to their property. If you are looking to sell your home in the next few months, go to www.TexomaHomeValue.com. We will get an electronic market analysis of your property to you within 24-48 hours.

Pod Cast Market Update
Check out www.TheFallsPodCast.com. Here you will be able to hear a brief update on the market and what's going on in North Texas.

Follow Ashton
www.FollowAshton.com launched last week.  If you use Facebook, LinkedIn, Twitter, or YouTube, check it out and let's be friends!

Let us know how we may be able to serve you and your WichitaF alls real estate needs.

Check out www.TheFallsHomeFinder.com to preview every home available in Wichita Falls and the surrounding area with a pool this Summer.

Simply go to the site above, and select request showing on the ones you would like to preview.

Ashton Gustafson has made it his practice to be at the forefront of technology in the Real Estate sector for Wichita Falls and North Texas. See below for all your Real Estate needs.

www.AshtonGustafson.com - Total market overview.

www.TheFallsHomeFinder.com - The BEST Site for Active Buyers.

www.TexomaHomeValue.com - Thinking of selling?

www.TexasBankOwned.com - Looking to invest?

www.TheFallsPodCast.com- Listen to the market update on you iPod!

www.LuxuryHomesWF.com - Daily email list of the new luxury homes on the market.

www.BishopRealtors.com - All of our office listings.

Good Monday morning to you!

Thought About College Lately?
My financial planner told me this month that 4 years of college at a state school would cost approximately $178,000 for my daughter in 2029. $475,000 for a private institution!!! How am I going to pay for that????? My plan is to purchase 1 investment property a year for her and have renters pay the mortgage. 15 years from now they will be paid and full and I'll sell 1 per year for her to attend the school of her choice. Want to join me in this venture? Email me Ashton@AshtonGustafson.com and I'll share with you my action plan.

What's The Going Rate?
RATES HAVE NEVER BEEN THIS LOW and INVENTORY HAS NEVER BEEN THIS HIGH. And this means opportunity. I saw rates with local lenders this week under 4% on a 15 year note. Incredible. To see how great this opportunity is, see www.ImAHappyBuyer.com.

I am looking to buy - Where do I start?
Simple - www.TheFallsHomeFinder.com. As of today, over 3000 individuals have registered and made this their site for buying a home in North Texas. No other company offers a better web-site to find your next home. Check it out today.

I am looking to sell - Where do I start?
Simple too - www.TexomaHomeValue.com.
Within 48 hours I will have a market analysis to you and will set up a time with you to come preview your home.

Best of luck in all you do this week.

If I can help you or anyone you know, I'm here and ready.

"Leading is a skill, not a gift." Seth Godin

Good Monday morning to you!

When the discussion of Real Estate comes up, everyone wants to point the finger a hundred different ways to explain why the market is or is not performing.

In all reality, there are just a few places to look for answers:
- Jobs
- Recent Sales Activity
- Inventory
- Mortgage Availability

Let's look at these on a local level...

Jobs - I attended the Wichita Falls Economic Forum this week, and found that Wichita Falls had actually created quite a few new jobs this year. Those new jobs and, of course, the jobs provided by Sheppard Air Force Base
give me great hope for the rest of 2011. A huge THANK YOU goes to our local business owners and Board of Commerce and Industry to keeping jobs in North Texas.

Recent Sales Activity - We have put a home in contract nearly every day this year, and we are up 40% YTD (last year was our firm's best year ever). The market is moving indeed, but PRICE is calling the shots. Which leads me to...

Inventory - We are at record levels of inventory at all price levels. Some of our market price ranges have over 12 months of inventory. See, www.TheFallsHomeFinder.com.

Mortgage Availability - I often hear that it is difficult to get a loan. This puzzles me. My personal stats show that I am qualifying over 90% of the clients that come my way looking to buy. Mortgage rates have never been this low, and we have plenty of happy buyers getting loans. See, www.ImAhappyBuyer.com.

If I can answer any further questions or serve anyone you may know this week, please let me know.

"What would our world look like if more people started projects, made a ruckus, and took risks?" Seth Godin

Ashton Gustafson, Owner @ Bishop Realtor Group, was named today by the Times Record News and Biz to Biz as one of Wichita Falls', TX top "20 under 40".

This is the first time the award has been given in Wichita Falls.

For more information on Ashton see www.AshtonGustafson.com and www.SeeWhatTheyAreSaying.com. 

Ashton was also selected by Realtor Magazine in 2010 as one of the top 30 agents under 30 in the US.